Crunchbase reported that global venture deployment hit roughly $300 billion in Q1 2026, with $188 billion of that, about 65%, concentrated in four companies: OpenAI, Anthropic, xAI and Anduril Industries. In 2025, Crunchbase counted roughly 2,300 venture-backed acquisitions against just 65 IPOs. In aggregate, the LPs sitting behind every venture fund have been in net-negative cash flow territory since 2022. Record deployment in Q1 doesn't change the math at the LP level, and that pressure is reshaping every term sheet, follow-on decision and board conversation in venture right now. When a partner walks you through their thesis, they're telling you a story about your market; rarely are they telling you a story about their fund. That second story determines whether they can write your bridge in 18 months, whether they'll fight for pro rata in your Series B, and whether their behavior in the next downturn looks like patience or anxiety. LPs are demanding cash back. Paper markups aren't...
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